JCPenney Announces Closure Of 33 Stores

Citing 33 stores as “underperforming”, retailer JCPenney announced the closure of nearly three dozen stores and the elimination of 2,000 jobs late on Wednesday. The wave of closures hits 21 states with Wisconsin the hardest hit, and is intended to produce $65 million in savings for the beleaguered retailer.

“As we continue to progress toward long-term profitable growth, it is necessary to reexamine the financial performance of our store portfolio and adjust our national footprint accordingly,” said Myron E. (Mike) Ullman, III, chief executive officer of JCPenney. “While it’s always difficult to make a business decision that impacts our valued customers and associates, this important step addresses a strategic priority to improve the profitability of our stores and position JCPenney for future success.”